Coffee prices set to soar
Greeks can expect coffee to have a more bitter taste after Easter, as hikes of up to 20% are to follow the rally in global rates of the commodity over the last three to four months, resulting from a combination of factors.
Today, coffee companies in Greece purchase green coffee – used to produce Greek coffee – for 6.5 to 7 euros per kilogram, compared to €5.5/kg four months ago, or about 27% more expensive.
“Although a large part of the increases are absorbed by the companies, if the rise in rates continues at an international level, price hikes are inevitable,” said the president of the Hellenic Coffee Association and head of the company Giagoglou Coffees, Tasos Giagoglou. The price hikes will be visible both on the supermarket shelves and, of course, in cafes. The inflationary crisis that followed the pandemic resulted in a change in consumption habits. Although before Covid 60% of coffee consumption in Greece was done outside the home and 40% at home, now, and despite the fact there is no restrictive measure due to Covid, 70% of the consumption is done inside home and 30% outside.
As for whether coffee consumption has decreased overall, Giagoglou said, “Every 10% increase in price causes a drop in consumption volume by at least 1%.”
